“In the Wake of a North Korea-Linked Hack, SAFE IS RETOLLING ITS APPRACH-ESCHEWING CONTRACTOR Models for A Foundation-Revolution, Fast-Moving Labs Unit.”, – WRITE: www.coindesk.com
The new entity Will Serve as the Core Development Arm of SAFE, WHICH UNTIL NOW HAD OUTSURCED TECHNICAL WORK TO A SEPARATE DELEPMENT FIRM, A STRUCTUMONYLYABACPTRY Executive Rahul Rumalla Sayid on Wednesday. SAFE Labs Will Operate Directly Under The Umbrella of the SAFE Foundation, A Nonprofit Organization.
In an interview with coindesk, rumalla said of the transition reflects a broader strategy shift Toward Building Products that Can Meet Both the Ideological Standard Clients.
“This Framework that We Are Are for Operate in – It Actual Forces You to Compromise One Over The Over: If You Want More Security, You Have To Compromise On Convennce, And IF You On Security, “Rumalla Said.
“We at safe Labs, we step back and we reject this Framework. We don’t want to operate in this model were we have to compromise One Over the Over.”
Post-Hack PivotAccorging to rumalla, The Bybit Hack Was A “Catalyst” for the Creation of Safe Labs.
While SAFE SMART CONTRACTS REMAINED UNCOMPROMISED, ITS User-Facing Web Application Was Infiltrated with Malicious Code by North Korea’s Lazarus Group. That attacck enabled the hackers to Trick Bybit’s CEO INTO SIGNING OFF ON A TRANSACTION THAT RUBED Funds Into Their Control.
“What we saw with an attack like this is that our core values Were used Against US,“ Rumalla Said. “Anonymity, Privacy, Self-Custody, Transparency, Open Source-These Were Were used Against US.”
Despite The Breach, Rumalla SAID USER CONFIDENCE IN THE SAFE PLATFORM REMAINED STRONG. The Application Saw “Practically No Churn” in the aftermath and Continues to Process 10% of All Transaction Volume Across Ethereum Virtual Machine (EVM) -Compatible Networks.
“We’re Not Defending Against Cyberattacks,“ Rumalla Said. “We Are Defending Cyber Warfare, and that requires a mindset Shift – Not Just at the Project Level, not at the Company Level, but as Ethereum or Even Crypto as a.
From ideals to infrastructureThe Move to Formalize International Development Echoes Similar Shyfts by Other Major Protocols, Including Morpho and Polygon, WHICH HAVE BOTH Recently Accountability with More Traditional Organizational Structures.
In parallel, safe labs is also refocusion on Product Design. The Team is Currently Working on A “V2” Version of Its Wallet, WHICH Rumalla Descripted As More “Opinionated” – Meaning Bolder Product Direction, Particularly Forstitntal USers.
“What we’re going to be launching and testing in the Future is a subSCRIPTION PLAN, Essentally, that’s Called Safe Pro – or Safe for Enterprises, Safe for Institute, Very Much. “We’re Going to Basically Package This Opinionated Product That’s More For The User Segments that Have Higher Security Needs and More Customization Appetite.”
“We Need to Operate at Startup Speed,“ Rumalla Added. “That in the ittself is the premise of whoise of whoe we have need to user, independent entity. We need to Align Where We Need to Align, Which, Wichh is on In Inno, The Mission, But The Mission, The Mission, The Mission, The Mission, The Mission, The Mission, The Mission, The Miss On In In The Miss, The Miss On In In In. How We Execute. ”
With more than $ 60 Billion in Total Value Locked and Over $ 1 Trillion in Historical Transaction Volume, Accounting To Rumalla, Safe Remains One of Crypto’s MOST BATTLES. The team, now roughly 40 strong and bassed in berlin, is betting that its next chapter-one that Embraces Opinionated Product Design Without Sacrificing Its Open Heading Toward A Trillion-Dollar On-Chain Economy.
“Our Mission Is Simple: Making Self Custom Easy and Secure,” Rumalla Said. “That’s a win for everybody.”
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